GATX (GATX) 10-Q 25 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2019shares
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-2328
Entity Registrant Name	GATX Corporation
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	36-1124040
Entity Address, Address Line One	233 South Wacker Drive
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	621-6200
Entity Central Index Key	0000040211
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding	35,100,000
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
CHICAGO STOCK EXCHANGE, INC [Member]
Entity Addresses [Line Items]
Security Exchange Name	CHX
Common Stock [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Addresses [Line Items]
Trading Symbol	GATX
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock
Senior Notes [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Addresses [Line Items]
Trading Symbol	GMTA
Security Exchange Name	NYSE
Title of 12(b) Security	5.625% Senior Notes due 2066

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash and Cash Equivalents	$ 48.6	$ 100.2
Restricted Cash and Cash Equivalents	0	6.5
Receivables
Rent and other receivables	93.1	87
Finance leases	93.3	126.4
Less: allowance for losses	(6)	(6.4)
Receivables, net	180.4	207
Operating Assets and Facilities
Operating Assets and Facilities	9,759.8	9,545.9
Less: allowance for depreciation	(3,152.1)	(3,013.2)
Operating assets and facilities, net	6,607.7	6,532.7
Lease Assets (as lessee)
Right-of-use assets, net of accumulated depreciation	430.1	0
Finance leases, net of accumulated depreciation	0	16.8
Lease assets	430.1	16.8
Investments in Affiliated Companies	506.7	464.5
Goodwill	79.9	82.9
Other Assets	237.5	206.1
Total Assets	8,090.9	7,616.7
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses	138.4	177.5
Debt
Commercial paper and borrowings under bank credit facilities	112	110.8
Recourse	4,580.2	4,429.7
Debt, Long-term and Short-term, Combined Amount	4,692.2	4,540.5
Lease Obligations (as lessee)
Operating leases	440.3	0
Finance leases	0	11.3
Lease obligations	440.3	11.3
Deferred Income Taxes	910.5	877.8
Other Liabilities	123	221.5
Total Liabilities	6,304.4	5,828.6
Shareholders’ Equity
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 67,325,950 and 67,083,149 Outstanding shares — 37,632,377 and 37,895,641	41.8	41.6
Additional paid in capital	716.6	706.4
Retained earnings	2,561.5	2,419.2
Accumulated other comprehensive loss	(189)	(164.6)
Treasury stock at cost (29,693,573 and 29,187,508 shares)	(1,344.4)	(1,214.5)
Total Shareholders’ Equity	1,786.5	1,788.1
Total Liabilities and Shareholders’ Equity	$ 8,090.9	$ 7,616.7

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.625	$ 0.625
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	67,516,141	67,329,081
Common stock, shares outstanding	35,089,622	36,612,227
Treasury stock, shares outstanding	32,426,519	30,716,854

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Lease revenue	$ 271.5	$ 271.9	$ 819.9	$ 816.1
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	62.8	60.8	136.8	130.8
Other revenue	26.4	17	80.4	57.6
Total Revenues	360.7	349.7	1,037.1	1,004.5
Expenses
Maintenance expense	84.4	77.5	251.3	240.7
Marine operating expense	39.7	39.4	92.8	89.5
Depreciation	83.6	81.6	247.3	240.1
Operating lease expense	13.7	11.8	41.1	37.5
Other operating expense	7.7	8.5	23.5	26.2
Selling, general and administrative	44.4	46.5	135.6	137.6
Total Expenses	273.5	265.3	791.6	771.6
Other Income (Expense)
Net gain on asset dispositions	5.1	10.3	46.9	72.5
Interest expense, net	(46.3)	(42.6)	(139.9)	(124.7)
Other (expense) income	(1.8)	(3.8)	(5.6)	(14.9)
Income before Income Taxes and Share of Affiliates’ Earnings	44.2	48.3	146.9	165.8
Income Taxes	(11.9)	(13.1)	(35.9)	(42.8)
Share of Affiliates’ Earnings (net of tax)	12.8	11.8	43.6	39.1
Net Income	45.1	47	154.6	162.1
Other Comprehensive Income, net of taxes
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(33.6)	(4.7)	(32.4)	(40.2)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(1)	1.6	2.1	2.3
Post-retirement benefit plans	1.4	5.3	5.9	9.1
Other comprehensive income (loss)	(33.2)	2.2	(24.4)	(28.8)
Comprehensive Income	$ 11.9	$ 49.2	$ 130.2	$ 133.3
Share Data
Basic earnings per share (in dollars per share)	$ 1.28	$ 1.25	$ 4.30	$ 4.29
Average number of common shares (in shares)	35.4	37.7	35.9	37.8
Diluted earnings per share (in dollars per share)	$ 1.25	$ 1.22	$ 4.22	$ 4.21
Average number of common shares and common share equivalents (in shares)	36	38.5	36.6	38.5

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Number of railcars received	157
Noncash or Part Noncash Acquisition, Value of Assets Acquired	$ 16,400,000
Operating Activities
Net income	(154,600,000)	$ (162,100,000)
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation	255,600,000	253,300,000
Gains on sales of assets	(45,500,000)	(70,900,000)
Deferred income taxes	25,900,000	28,000,000
Share of affiliates’ earnings, net of dividends	(43,600,000)	(39,100,000)
Other	(49,900,000)	7,900,000
Net cash provided by operating activities	297,100,000	341,300,000
Investing Activities
Additions to operating assets and facilities	(522,500,000)	(536,700,000)
Purchases of leased-in assets	0	(66,600,000)
Portfolio proceeds	185,600,000	198,600,000
Proceeds from sales of other assets	18,900,000	28,500,000
Sale Leaseback Transaction, Net Proceeds, Investing Activities	0	59,200,000
Payments for (Proceeds from) Other Investing Activities	1,000,000	2,700,000
Net cash used in investing activities	(317,000,000)	(314,300,000)
Financing Activities
Net proceeds from issuances of debt (original maturities longer than 90 days)	549,700,000	297,100,000
Repayments of debt (original maturities longer than 90 days)	(410,000,000)	(263,100,000)
Net increase (decrease) in debt with original maturities of 90 days or less	2,000,000	(4,200,000)
Stock repurchases	(129,000,000)	(37,400,000)
Dividends	(52,800,000)	(52,700,000)
Other (add shares used to pay taxes)	3,100,000	(3,600,000)
Net cash (used in) provided by financing activities	(37,000,000)	(63,900,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(1,200,000)	(4,200,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	(58,100,000)	(41,100,000)
Cash, Cash Equivalents, and Restricted Cash at beginning of period	48,600,000	258,600,000
Cash, Cash Equivalents, and Restricted Cash at end of period	$ 48,600,000	$ 258,600,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity Statement - USD ($) $ in Millions	Total	AOCI Attributable to Parent [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Common Stock, Shares, Issued			67,100,000
Shares, Issued				(29,200,000)
Stockholders' Equity Attributable to Parent		$ (109.6)		$ (1,099)	$ 698	$ 2,261.7
Common Stock, Value, Issued			$ 41.6
Stock Repurchased During Period, Shares	(500,000)
Repurchase of common stock	$ (37.4)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition					5.6
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Reclassification out of Accumulated Other Comprehensive Income [Domain]	(19.4)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Retained Earnings [Member]	15.2
Stock Issued During Period, Shares, New Issues			200,000
Stock Issued During Period, Value, New Issues			$ 0
Net Income (Loss) Attributable to Parent	162.1
Dividends, Common Stock, Cash						(52)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (28.8)
Common Stock, Shares, Issued			67,300,000
Shares, Issued				(29,600,000)
Stockholders' Equity Attributable to Parent		(160)		$ (1,124)	702.7	2,357.3
Common Stock, Value, Issued			$ 41.6
Stock Repurchased During Period, Shares	(100,000)
Repurchase of common stock	$ (12.4)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition					0.9
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Reclassification out of Accumulated Other Comprehensive Income [Domain]	0
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Retained Earnings [Member]	0
Stock Issued During Period, Shares, New Issues			0
Stock Issued During Period, Value, New Issues			$ 0
Net Income (Loss) Attributable to Parent	47
Dividends, Common Stock, Cash						(17.3)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2.2
Common Stock, Shares, Issued			67,300,000
Shares, Issued				(29,700,000)
Stockholders' Equity Attributable to Parent	$ 1,838	(157.8)		$ (1,136.4)	703.6	2,387
Common Stock, Value, Issued			$ 41.6
Common Stock, Shares, Issued	67,329,081		67,300,000
Shares, Issued				(30,700,000)
Stockholders' Equity Attributable to Parent	$ 1,788.1	(164.6)		$ (1,214.5)	706.4	2,419.2
Common Stock, Value, Issued	$ 41.6		$ 41.6
Stock Repurchased During Period, Shares	(1,700,000)
Repurchase of common stock	$ (129.9)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition					10.2
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Reclassification out of Accumulated Other Comprehensive Income [Domain]	0
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Retained Earnings [Member]	39.4
Stock Issued During Period, Shares, New Issues			200,000
Stock Issued During Period, Value, New Issues			$ 0.2
Net Income (Loss) Attributable to Parent	154.6
Dividends, Common Stock, Cash						(51.7)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (24.4)
Common Stock, Shares, Issued			67,500,000
Shares, Issued				(31,800,000)
Stockholders' Equity Attributable to Parent		(155.8)		$ (1,297.7)	713	2,533.5
Common Stock, Value, Issued			$ 41.8
Stock Repurchased During Period, Shares	(600,000)
Repurchase of common stock	$ (46.7)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition					3.6
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Reclassification out of Accumulated Other Comprehensive Income [Domain]	0
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Retained Earnings [Member]	0
Stock Issued During Period, Shares, New Issues			0
Stock Issued During Period, Value, New Issues			$ 0
Net Income (Loss) Attributable to Parent	45.1
Dividends, Common Stock, Cash						(17.1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (33.2)
Common Stock, Shares, Issued	67,516,141		67,500,000
Shares, Issued				(32,400,000)
Stockholders' Equity Attributable to Parent	$ 1,786.5	$ (189)		$ (1,344.4)	$ 716.6	$ 2,561.5
Common Stock, Value, Issued	$ 41.8		$ 41.8

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business As used herein, "GATX," "we," "us," "our," and similar terms refer to GATX Corporation and its subsidiaries, unless indicated otherwise. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail market. We report our financial results through four primary business segments: Rail North America, Rail International, Portfolio Management, and American Steamship Company ("ASC") .

Accounting Changes

Accounting Changes	9 Months Ended
	Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Accounting Changes	Basis of Presentation We prepared the accompanying unaudited consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited consolidated financial statements do not include all of the information and footnotes required for complete financial statements. We have included all of the normal recurring adjustments that we deemed necessary for a fair presentation. Certain prior year amounts have been reclassified to conform to the 2019 presentation. Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2019. In particular, ASC's fleet is inactive for a significant portion of the first quarter of each year due to winter conditions on the Great Lakes. In addition, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2018. New Accounting Pronouncements Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Leases Leases (Topic 842) , which supersedes previous lease guidance. The FASB subsequently issued ASU 2018-10, ASU 2018-11, and ASU 2018-20, Lease (Topic 842) , for codification and targeted improvements to the standard. The new guidance requires companies to recognize most leases on the balance sheet and modifies accounting, presentation, and disclosure for both lessors and lessees. We adopted the new guidance in the first quarter of 2019, applying a modified retrospective transition method with a cumulative effect adjustment upon adoption. Comparative periods are not restated. We elected the package of practical expedients related to whether a contract is or contains a lease, lease classification and initial direct costs. We also elected the practical expedient that allows lessors and lessees to not separate non-lease components from the associated lease components for operating leases. The adoption of this new standard required us to recognize right-of-use assets and lease liabilities on our balance sheet attributable to operating leases for railcars, offices, and certain equipment. This resulted in the recognition of right-of-use assets and lease liabilities of $460.7 million and $483.6 million, respectively, as of January 1, 2019. The adoption of this new standard also required us to eliminate deferred gains associated with our railcar sale-leaseback financing arrangements, and record a one-time increase to equity of $39.4 million (after-tax). Elimination of these deferred gains will increase reported operating lease expense going forward. In 2019, we expect this impact to be approximately $4.0 million (pre-tax). Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. We adopted the new guidance in the first quarter of 2019. The application of this new guidance did not impact our financial statements and had an immaterial impact to related disclosures. Compensation Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which modifies the accounting for nonemployee share-based payments. We adopted the new guidance in the first quarter of 2019. The application of this new guidance did not impact our financial statements or related disclosures. New Accounting Pronouncements Not Yet Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Credit Losses In June 2016, the FASB issued ASU 2016-13, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies how entities will measure credit losses. The new guidance is effective for us in the first quarter of 2020, with early adoption permitted. We are evaluating the effect the new guidance will have on our financial statements and related disclosures.

Revenue Revenue

Revenue Revenue	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We disaggregate revenue into three categories as presented on our income statement: Lease Revenue Lease revenue, which includes operating lease revenue and finance lease revenue, is our primary source of revenue. In the first quarter of 2019, we adopted Topic 842 using the modified retrospective method. As provided in the guidance, we elected the package of practical expedients that retains the classification of existing leases at the time of adoption and does not require re-evaluation of embedded leases or reassessment of initial direct costs. In addition, we elected the practical expedient that allows lessors to not separate non-lease components from the associated lease components for our operating leases. As a result, our current recognition and presentation policies for leases are substantially consistent with applicable provisions in the new lease standard. Operating Lease Revenue We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. We do not offer stand-alone maintenance service contracts. Operating lease revenue is within the scope of Topic 842, and we have elected to not separate non-lease components from the associated lease component for qualifying leases. Operating lease revenue will continue to be recognized on a straight-line basis over the term of the underlying lease. As a result, lease revenue may not be recognized in the same period as maintenance and other costs, which we expense as incurred. Variable rents are recognized when applicable contingencies are resolved. Revenue is not recognized if collectability is not reasonably assured. Finance Lease Revenue In certain cases, we lease railcars and other operating assets that, at lease inception, are classified as finance leases. In accordance with Topic 842, finance lease revenue will continue to be recognized using the interest method, which produces a constant yield over the lease term. Initial unearned income is the amount that the original lease payment receivable and the estimated residual value of the leased asset exceeds the original cost or carrying value of the leased asset. Marine Operating Revenue We generate marine operating revenue through shipping services completed by our marine vessels. In accordance with Topic 606, marine operating revenue is recognized over time as the performance obligation is satisfied, beginning when cargo is loaded through its delivery and discharge. Revenue is recognized pro rata over the projected duration of each voyage, which is derived from our historical voyage data. Other Revenue Other revenue is comprised of customer liability repair revenue, termination fees, utilization income, fee income, interest on loans, and other miscellaneous revenues. Select components of other revenue are within the scope of Topic 606. Revenue attributable to terms provided in our lease contracts are variable lease components that are recognized when earned, in accordance with Topic 842.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases Adoption of ASU 2016-02, "Leases (Topic 842)" In the first quarter of 2019, we adopted ASU 2016-02 using the modified retrospective transition method with a cumulative effect adjustment upon adoption. Amounts for comparative periods are not required to be included in the footnote disclosures. We elected the package of practical expedients related to whether a contract is or contains a lease, lease classification and initial direct costs. We also elected the practical expedient that allows lessors and lessees to not separate non-lease components from the associated lease components for operating leases. The adoption of this new standard required us to recognize right-of-use assets and lease liabilities on our balance sheet attributable to operating leases for railcars, offices, and certain equipment. In addition, the adoption of this new standard also required us to eliminate deferred gains associated with our railcar sale-leaseback financing arrangements, resulting in a one-time increase to equity. Elimination of these deferred gains will increase future operating lease expense associated with operating leases recorded on the date of adoption. The adoption of this standard did not have any impact on our cash flows. GATX as Lessor We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions): Three Months Ended Nine Months Ended Finance lease income $ 2.2 $ 7.7 Operating lease income: Fixed lease income 254.4 762.2 Variable lease income 14.9 50.0 Total operating lease income 269.3 812.2 Total lease income $ 271.5 $ 819.9 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.3 million and $66.6 million for the three months and nine months ended September 30, 2019 . The following table shows the components of our direct finance leases (in millions): September 30, 2019 Total contractual lease payments receivable $ 89.5 Estimated unguaranteed residual value of leased assets 41.0 Unearned income (37.2 ) Finance leases $ 93.3 GATX as Lessee We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. The railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. Our lease agreements do not contain any material residual value guarantees. At September 30, 2019 , we leased approximately 8,300 railcars at Rail North America, all of which are accounted for as operating leases. We use the implicit rate to calculate the right-of-use asset amount and lease liability for our leases when readily determinable. Specifically, the implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, an implicit rate was not determinable, and we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the lease term. The following table shows the components of lease expense (in millions): Three Months Ended Nine Months Ended Finance lease cost: Amortization of right-of-use assets $ 0.2 $ 0.6 Interest on lease liabilities 0.1 0.3 Operating lease cost (1): Fixed lease cost - operating leases 15.0 45.4 Total lease cost $ 15.3 $ 46.3 ________ (1) Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial. Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $17.2 million and $53.0 million for the three months and nine months ended September 30, 2019 was recognized in connection with these operating leases. The following table shows the maturities of our lease liabilities (in millions): September 30, 2019 2019 (1) $ 8.0 2020 67.8 2021 66.3 2022 57.5 2023 54.8 Years thereafter 269.8 Total undiscounted lease payments $ 524.2 Less: amounts representing interest (83.9 ) Total discounted lease liabilities $ 440.3 __________ (1) For the remainder of the year. The following table shows the lease terms and discount rates related to leases: September 30, 2019 Weighted-average remaining lease term (years): Operating leases 9.8 Weighted-average discount rate: Operating leases 3.68 % During the three months ended September 30, 2019 , we exercised an option to acquire 157 railcars previously recorded on the balance sheet as a finance lease for $10.5 million. As of September 30, 2019, we had no finance lease assets. The following table shows other information related to leases (in millions): Three Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 18.8 $ 58.8 Operating cash flows for finance leases 0.1 0.3 Financing cash flows for finance leases 10.7 11.3 Total cash from leases $ 29.6 $ 70.4
Leases	Leases Adoption of ASU 2016-02, "Leases (Topic 842)" In the first quarter of 2019, we adopted ASU 2016-02 using the modified retrospective transition method with a cumulative effect adjustment upon adoption. Amounts for comparative periods are not required to be included in the footnote disclosures. We elected the package of practical expedients related to whether a contract is or contains a lease, lease classification and initial direct costs. We also elected the practical expedient that allows lessors and lessees to not separate non-lease components from the associated lease components for operating leases. The adoption of this new standard required us to recognize right-of-use assets and lease liabilities on our balance sheet attributable to operating leases for railcars, offices, and certain equipment. In addition, the adoption of this new standard also required us to eliminate deferred gains associated with our railcar sale-leaseback financing arrangements, resulting in a one-time increase to equity. Elimination of these deferred gains will increase future operating lease expense associated with operating leases recorded on the date of adoption. The adoption of this standard did not have any impact on our cash flows. GATX as Lessor We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions): Three Months Ended Nine Months Ended Finance lease income $ 2.2 $ 7.7 Operating lease income: Fixed lease income 254.4 762.2 Variable lease income 14.9 50.0 Total operating lease income 269.3 812.2 Total lease income $ 271.5 $ 819.9 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.3 million and $66.6 million for the three months and nine months ended September 30, 2019 . The following table shows the components of our direct finance leases (in millions): September 30, 2019 Total contractual lease payments receivable $ 89.5 Estimated unguaranteed residual value of leased assets 41.0 Unearned income (37.2 ) Finance leases $ 93.3 GATX as Lessee We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. The railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. Our lease agreements do not contain any material residual value guarantees. At September 30, 2019 , we leased approximately 8,300 railcars at Rail North America, all of which are accounted for as operating leases. We use the implicit rate to calculate the right-of-use asset amount and lease liability for our leases when readily determinable. Specifically, the implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, an implicit rate was not determinable, and we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the lease term. The following table shows the components of lease expense (in millions): Three Months Ended Nine Months Ended Finance lease cost: Amortization of right-of-use assets $ 0.2 $ 0.6 Interest on lease liabilities 0.1 0.3 Operating lease cost (1): Fixed lease cost - operating leases 15.0 45.4 Total lease cost $ 15.3 $ 46.3 ________ (1) Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial. Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $17.2 million and $53.0 million for the three months and nine months ended September 30, 2019 was recognized in connection with these operating leases. The following table shows the maturities of our lease liabilities (in millions): September 30, 2019 2019 (1) $ 8.0 2020 67.8 2021 66.3 2022 57.5 2023 54.8 Years thereafter 269.8 Total undiscounted lease payments $ 524.2 Less: amounts representing interest (83.9 ) Total discounted lease liabilities $ 440.3 __________ (1) For the remainder of the year. The following table shows the lease terms and discount rates related to leases: September 30, 2019 Weighted-average remaining lease term (years): Operating leases 9.8 Weighted-average discount rate: Operating leases 3.68 % During the three months ended September 30, 2019 , we exercised an option to acquire 157 railcars previously recorded on the balance sheet as a finance lease for $10.5 million. As of September 30, 2019, we had no finance lease assets. The following table shows other information related to leases (in millions): Three Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 18.8 $ 58.8 Operating cash flows for finance leases 0.1 0.3 Financing cash flows for finance leases 10.7 11.3 Total cash from leases $ 29.6 $ 70.4
Leases	Leases Adoption of ASU 2016-02, "Leases (Topic 842)" In the first quarter of 2019, we adopted ASU 2016-02 using the modified retrospective transition method with a cumulative effect adjustment upon adoption. Amounts for comparative periods are not required to be included in the footnote disclosures. We elected the package of practical expedients related to whether a contract is or contains a lease, lease classification and initial direct costs. We also elected the practical expedient that allows lessors and lessees to not separate non-lease components from the associated lease components for operating leases. The adoption of this new standard required us to recognize right-of-use assets and lease liabilities on our balance sheet attributable to operating leases for railcars, offices, and certain equipment. In addition, the adoption of this new standard also required us to eliminate deferred gains associated with our railcar sale-leaseback financing arrangements, resulting in a one-time increase to equity. Elimination of these deferred gains will increase future operating lease expense associated with operating leases recorded on the date of adoption. The adoption of this standard did not have any impact on our cash flows. GATX as Lessor We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions): Three Months Ended Nine Months Ended Finance lease income $ 2.2 $ 7.7 Operating lease income: Fixed lease income 254.4 762.2 Variable lease income 14.9 50.0 Total operating lease income 269.3 812.2 Total lease income $ 271.5 $ 819.9 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.3 million and $66.6 million for the three months and nine months ended September 30, 2019 . The following table shows the components of our direct finance leases (in millions): September 30, 2019 Total contractual lease payments receivable $ 89.5 Estimated unguaranteed residual value of leased assets 41.0 Unearned income (37.2 ) Finance leases $ 93.3 GATX as Lessee We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. The railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. Our lease agreements do not contain any material residual value guarantees. At September 30, 2019 , we leased approximately 8,300 railcars at Rail North America, all of which are accounted for as operating leases. We use the implicit rate to calculate the right-of-use asset amount and lease liability for our leases when readily determinable. Specifically, the implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, an implicit rate was not determinable, and we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the lease term. The following table shows the components of lease expense (in millions): Three Months Ended Nine Months Ended Finance lease cost: Amortization of right-of-use assets $ 0.2 $ 0.6 Interest on lease liabilities 0.1 0.3 Operating lease cost (1): Fixed lease cost - operating leases 15.0 45.4 Total lease cost $ 15.3 $ 46.3 ________ (1) Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial. Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $17.2 million and $53.0 million for the three months and nine months ended September 30, 2019 was recognized in connection with these operating leases. The following table shows the maturities of our lease liabilities (in millions): September 30, 2019 2019 (1) $ 8.0 2020 67.8 2021 66.3 2022 57.5 2023 54.8 Years thereafter 269.8 Total undiscounted lease payments $ 524.2 Less: amounts representing interest (83.9 ) Total discounted lease liabilities $ 440.3 __________ (1) For the remainder of the year. The following table shows the lease terms and discount rates related to leases: September 30, 2019 Weighted-average remaining lease term (years): Operating leases 9.8 Weighted-average discount rate: Operating leases 3.68 % During the three months ended September 30, 2019 , we exercised an option to acquire 157 railcars previously recorded on the balance sheet as a finance lease for $10.5 million. As of September 30, 2019, we had no finance lease assets. The following table shows other information related to leases (in millions): Three Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 18.8 $ 58.8 Operating cash flows for finance leases 0.1 0.3 Financing cash flows for finance leases 10.7 11.3 Total cash from leases $ 29.6 $ 70.4
Leases	Leases Adoption of ASU 2016-02, "Leases (Topic 842)" In the first quarter of 2019, we adopted ASU 2016-02 using the modified retrospective transition method with a cumulative effect adjustment upon adoption. Amounts for comparative periods are not required to be included in the footnote disclosures. We elected the package of practical expedients related to whether a contract is or contains a lease, lease classification and initial direct costs. We also elected the practical expedient that allows lessors and lessees to not separate non-lease components from the associated lease components for operating leases. The adoption of this new standard required us to recognize right-of-use assets and lease liabilities on our balance sheet attributable to operating leases for railcars, offices, and certain equipment. In addition, the adoption of this new standard also required us to eliminate deferred gains associated with our railcar sale-leaseback financing arrangements, resulting in a one-time increase to equity. Elimination of these deferred gains will increase future operating lease expense associated with operating leases recorded on the date of adoption. The adoption of this standard did not have any impact on our cash flows. GATX as Lessor We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions): Three Months Ended Nine Months Ended Finance lease income $ 2.2 $ 7.7 Operating lease income: Fixed lease income 254.4 762.2 Variable lease income 14.9 50.0 Total operating lease income 269.3 812.2 Total lease income $ 271.5 $ 819.9 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.3 million and $66.6 million for the three months and nine months ended September 30, 2019 . The following table shows the components of our direct finance leases (in millions): September 30, 2019 Total contractual lease payments receivable $ 89.5 Estimated unguaranteed residual value of leased assets 41.0 Unearned income (37.2 ) Finance leases $ 93.3 GATX as Lessee We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. The railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. Our lease agreements do not contain any material residual value guarantees. At September 30, 2019 , we leased approximately 8,300 railcars at Rail North America, all of which are accounted for as operating leases. We use the implicit rate to calculate the right-of-use asset amount and lease liability for our leases when readily determinable. Specifically, the implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, an implicit rate was not determinable, and we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the lease term. The following table shows the components of lease expense (in millions): Three Months Ended Nine Months Ended Finance lease cost: Amortization of right-of-use assets $ 0.2 $ 0.6 Interest on lease liabilities 0.1 0.3 Operating lease cost (1): Fixed lease cost - operating leases 15.0 45.4 Total lease cost $ 15.3 $ 46.3 ________ (1) Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial. Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $17.2 million and $53.0 million for the three months and nine months ended September 30, 2019 was recognized in connection with these operating leases. The following table shows the maturities of our lease liabilities (in millions): September 30, 2019 2019 (1) $ 8.0 2020 67.8 2021 66.3 2022 57.5 2023 54.8 Years thereafter 269.8 Total undiscounted lease payments $ 524.2 Less: amounts representing interest (83.9 ) Total discounted lease liabilities $ 440.3 __________ (1) For the remainder of the year. The following table shows the lease terms and discount rates related to leases: September 30, 2019 Weighted-average remaining lease term (years): Operating leases 9.8 Weighted-average discount rate: Operating leases 3.68 % During the three months ended September 30, 2019 , we exercised an option to acquire 157 railcars previously recorded on the balance sheet as a finance lease for $10.5 million. As of September 30, 2019, we had no finance lease assets. The following table shows other information related to leases (in millions): Three Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 18.8 $ 58.8 Operating cash flows for finance leases 0.1 0.3 Financing cash flows for finance leases 10.7 11.3 Total cash from leases $ 29.6 $ 70.4

Fair Value Disclosure

Fair Value Disclosure	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure The assets and liabilities that GATX records at fair value on a recurring basis consisted entirely of derivatives at September 30, 2019 and December 31, 2018. Adoption of ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" In the first quarter of 2019, we adopted ASU 2016-02. The adoption of this new standard did not have an impact on our financial statements, but certain disclosures have been modified in accordance with the new requirements. Derivative Instruments Fair Value Hedges We use interest rate swaps to manage the fixed-to-floating rate mix of our debt obligations by converting a portion of our fixed rate debt to floating rate debt. For fair value hedges, we recognize changes in fair value of both the derivative and the hedged item as interest expense. We had eight instruments outstanding with an aggregate notional amount of $450.0 million as of September 30, 2019 with maturities ranging from 2020 to 2022 and nine instruments outstanding with an aggregate notional amount of $500.0 million as of December 31, 2018 with maturities ranging from 2019 to 2022. Cash Flow Hedges We use Treasury rate locks and swap rate locks to hedge our exposure to interest rate risk on anticipated transactions. We also use currency swaps and put/call options to hedge our exposure to fluctuations in the exchange rates of foreign currencies for certain loans and operating expenses denominated in non-functional currencies. We had 12 instruments outstanding with an aggregate notional amount of $523.5 million as of September 30, 2019 that mature from 2019 to 2022 and eight instruments outstanding with an aggregate notional amount of $501.9 million as of December 31, 2018 with maturities ranging from 2019 to 2022. Within the next 12 months, we expect to reclassify $1.8 million ( $1.3 million after-tax) of net losses on previously terminated derivatives from accumulated other comprehensive income (loss) to interest expense or operating lease expense, as applicable. We reclassify these amounts when interest and operating lease expense on the related hedged transactions affect earnings. Non-Designated Derivatives We do not hold derivative financial instruments for purposes other than hedging, although certain of our derivatives are not designated as accounting hedges. We recognize changes in the fair value of these derivatives in other (income) expense immediately. Some of our derivative instruments contain credit risk provisions that could require us to make immediate payment on net liability positions in the event that we default on certain outstanding debt obligations. The aggregate fair value of our derivative instruments with credit risk related contingent features that are in a liability position as of September 30, 2019 was $3.7 million . We are not required to post any collateral on our derivative instruments and do not expect the credit risk provisions to be triggered. In the event that a counterparty fails to meet the terms of an interest rate swap agreement or a foreign exchange contract, our exposure is limited to the fair value of the swap, if in our favor. We manage the credit risk of counterparties by transacting with institutions that we consider financially sound and by avoiding concentrations of risk with a single counterparty. We believe that the risk of non-performance by any of our counterparties is remote. The following tables show our derivative assets and liabilities that are measured at fair value (in millions): Balance Sheet Location Fair Value September 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivative Assets Interest rate contracts (1) Other assets $ 2.4 $ — $ 2.4 $ — Foreign exchange contracts (1) Other assets 10.6 — 10.6 — Foreign exchange contracts (2) Other assets 0.4 — 0.4 — Total derivative assets $ 13.4 $ — $ 13.4 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ 1.8 $ — $ 1.8 $ — Foreign exchange contracts (1) Other liabilities 1.9 — 1.9 — Foreign exchange contracts (2) Other liabilities 3.0 — 3.0 — Total derivative liabilities $ 6.7 $ — $ 6.7 $ — Balance Sheet Location Fair Value December 31, 2018 Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Foreign exchange contracts (1) Other assets $ 4.4 $ — $ 4.4 $ — Foreign exchange contracts (2) Other assets 0.5 — 0.5 — Total derivative assets $ 4.9 $ — $ 4.9 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ 7.7 $ — $ 7.7 $ — Foreign exchange contracts (1) Other liabilities 18.2 — 18.2 — Foreign exchange contracts (2) Other liabilities 4.7 — 4.7 — Total derivative liabilities $ 30.6 $ — $ 30.6 $ — _________ (1) Designated as hedges. (2) Not designated as hedges. We value derivatives using a pricing model with inputs (such as yield curves and foreign currency rates) that are observable in the market or that can be derived principally from observable market data. As of September 30, 2019 and December 31, 2018, all derivatives were classified as Level 2 in the fair value hierarchy. There were no derivatives classified as Level 1 or Level 3. The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of September 30, 2019 and December 31, 2018 (in millions). Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included September 30 2019 December 31 2018 September 30 2019 December 31 2018 Recourse debt $ 450.3 $ 493.5 $ 2.2 $ (7.7 ) The following tables show the impacts of our derivative instruments on our statement of comprehensive income for the three months and nine months ended September 30, 2019 and 2018 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended September 30 Three Months Ended September 30 Derivative Designation 2019 2018 2019 2018 Derivatives in cash flow hedging relationships: Interest rate contracts $ 1.6 $ — Interest expense $ 0.5 $ 1.1 Foreign exchange contracts (19.8 ) (2.7 ) Operating lease expense — 0.1 Total $ (18.2 ) $ (2.7 ) Other (income) expense (19.3 ) (2.2 ) Total $ (18.8 ) $ (1.0 ) Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Nine Months Ended September 30 Nine Months Ended September 30 Derivative Designation 2019 2018 2019 2018 Derivatives in cash flow hedging relationships: Interest rate contracts $ 1.6 $ — Interest expense $ 2.0 $ 3.3 Foreign exchange contracts (28.5 ) (8.4 ) Operating lease expense — 0.1 Total $ (26.9 ) $ (8.4 ) Other (income) expense (24.4 ) (10.3 ) Total $ (22.4 ) $ (6.9 ) The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statement of comprehensive income for the three months and nine months ended September 30, 2019 and 2018 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended September 30 Three Months Ended September 30 2019 2018 Interest (expense), net Other income (expense) Interest (expense), net Other income (expense) Operating lease (expense) Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (46.3 ) $ (1.8 ) $ (42.6 ) $ (3.8 ) $ (11.8 ) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (1.3 ) — 1.0 — — Derivatives designated as hedging instruments 1.3 — (1.0 ) — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (0.5 ) — (1.1 ) — — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 19.3 — 2.2 (0.1 ) Gain (loss) on non-designated derivative contracts — 4.0 — (3.0 ) — Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Nine Months Ended September 30 Nine Months Ended September 30 2019 2018 Interest (expense), net Other income (expense) Interest (expense), net Other income (expense) Operating lease (expense) Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (139.9 ) $ (5.6 ) $ (124.7 ) $ (14.9 ) $ (37.5 ) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (9.8 ) — 8.6 — — Derivatives designated as hedging instruments 9.8 — (8.6 ) — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.0 ) — (3.3 ) — — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 24.4 — 10.3 (0.1 ) Gain (loss) on non-designated derivative contracts — 1.3 — 2.7 — _________ (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other income (expense). Other Financial Instruments Except for derivatives, as disclosed above, GATX has no other assets and liabilities measured at fair value on a recurring basis. The carrying amounts of cash and cash equivalents, restricted cash, rent and other receivables, accounts payable, and commercial paper and bank credit facilities approximate fair value due to the short maturity of those instruments. We estimate the fair values of fixed and floating rate debt using discounted cash flow analyses that are based on interest rates currently offered for loans with similar terms to borrowers of similar credit quality. The inputs we use to estimate each of these values are classified in Level 2 of the fair value hierarchy because they are directly or indirectly observable inputs. The following table shows the carrying amounts and fair values of our other financial instruments (in millions): September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Recourse fixed rate debt $ 4,193.5 $ 4,468.9 $ 3,933.4 $ 3,836.0 Recourse floating rate debt 414.2 415.0 522.7 515.1

Pension and Other Post-Retireme

Pension and Other Post-Retirement Benefits	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Pension and Other Post-Retirement Benefits	Pension and Other Post-Retirement Benefits The following table shows the components of our pension and other post-retirement benefits expense for the three months ended September 30, 2019 and 2018 (in millions): 2019 Pension Benefits 2018 Pension Benefits 2019 Retiree Health and Life 2018 Service cost $ 1.7 $ 2.0 $ — $ 0.1 Interest cost 3.8 3.7 0.2 0.2 Expected return on plan assets (5.6 ) (5.6 ) — — Settlement expense — 2.1 — — Amortization of (1): Unrecognized prior service credit — — — (0.1 ) Unrecognized net actuarial loss 2.0 2.5 — — Net periodic cost $ 1.9 $ 4.7 $ 0.2 $ 0.2 The following table shows the components of our pension and other post-retirement benefits expense for the nine months ended September 30, 2019 and 2018 (in millions): 2019 Pension Benefits 2018 Pension Benefits 2019 Retiree Health and Life 2018 Service cost $ 4.9 $ 6.1 $ 0.1 $ 0.2 Interest cost 11.4 11.1 0.7 0.7 Expected return on plan assets (16.6 ) (16.7 ) — — Settlement expense — 2.1 — — Amortization of (1): Unrecognized prior service credit — — (0.1 ) (0.2 ) Unrecognized net actuarial loss (gain) 6.0 7.6 (0.1 ) — Net periodic cost $ 5.7 $ 10.2 $ 0.6 $ 0.7 ________ (1) Amounts reclassified from accumulated other comprehensive loss. In the third quarter of 2018, certain lump sum distributions paid to retirees triggered settlement accounting, resulting in the recognition of $2.1 million of expense. The service cost component of net periodic cost is recorded in selling, general and administrative expense in the statements of comprehensive income, and the non-service components are recorded in other expense.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation During the nine months ended September 30, 2019 , we granted 326,900 non-qualified employee stock options, 42,960 restricted stock units, 58,340 performance shares, and 17,183 phantom stock units. For the three months and nine months ended September 30, 2019 , total share-based compensation expense was $4.1 million and $13.7 million and the related tax benefits were $1.0 million and $3.4 million . For the three months and nine months ended September 30, 2018 , total share-based compensation expense was $5.7 million and $15.4 million and the related tax benefits were $1.4 million and $3.9 million . The estimated fair value of our 2019 non-qualified employee stock option awards and related underlying assumptions are shown in the table below. 2019 Weighted-average estimated fair value $22.24 Quarterly dividend rate $0.46 Expected term of stock options, in years 4.2 Risk-free interest rate 2.5% Dividend yield 2.6% Expected stock price volatility 28.9% Present value of dividends $7.29

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate was 24% for the nine months ended September 30, 2019 , compared to 26% for the nine months ended September 30, 2018

Commercial Commitments

Commercial Commitments	9 Months Ended
	Sep. 30, 2019
Guarantees [Abstract]
Commercial Commitments	Commercial Commitments We have entered into various commercial commitments, such as guarantees, standby letters of credit, and performance bonds, related to certain transactions. These commercial commitments require us to fulfill specific obligations in the event of third-party demands. Similar to our balance sheet investments, these commitments expose us to credit, market, and equipment risk. Accordingly, we evaluate these commitments and other contingent obligations using techniques similar to those we use to evaluate funded transactions. The following table shows our commercial commitments (in millions): September 30 2019 December 31 2018 Lease payment guarantees $ — $ 2.0 Standby letters of credit and performance bonds 11.8 9.5 Total commercial commitments (1) $ 11.8 $ 11.5 _______ (1) The carrying value of liabilities on the balance sheet for commercial commitments was $0.4 million at September 30, 2019 and $0.9 million at December 31, 2018 . The expirations of these commitments range from 2022 to 2023 . We are not aware of any event that would require us to satisfy any of our commitments. Lease payment guarantees were commitments to financial institutions to make lease payments for a third party in the event of default. As of September 30, 2019, our obligations for these guarantees concluded. We are also parties to standby letters of credit and performance bonds, which primarily relate to contractual obligations and general liability insurance coverages. No material claims have been made against these obligations, and no material losses are anticipated.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share We compute basic earnings per share by dividing net income available to our common shareholders by the weighted-average number of shares of our common stock outstanding. We weight shares issued or reacquired for the portion of the period that they were outstanding. Our diluted earnings per share reflect the impacts of our potentially dilutive securities, which include our equity compensation awards. The following table shows the computation of our basic and diluted net income per common share (in millions, except per share amounts): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator: Net income $ 45.1 $ 47.0 $ 154.6 $ 162.1 Denominator: Weighted-average shares outstanding - basic 35.4 37.7 35.9 37.8 Effect of dilutive securities: Equity compensation plans 0.6 0.8 0.7 0.7 Weighted-average shares outstanding - diluted 36.0 38.5 36.6 38.5 Basic earnings per share $ 1.28 $ 1.25 $ 4.30 $ 4.29 Diluted earnings per share $ 1.25 $ 1.22 $ 4.22 $ 4.21

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table shows the change in components for accumulated other comprehensive loss (in millions): Foreign Currency Translation Gain (Loss) Unrealized Loss on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 2018 $ (58.0 ) $ (14.0 ) $ (92.6 ) $ (164.6 ) Change in component (10.5 ) 12.9 — 2.4 Reclassification adjustments into earnings (1) — (10.2 ) 1.9 (8.3 ) Income tax effect — (0.7 ) 1.1 0.4 Balance at March 31, 2019 $ (68.5 ) $ (12.0 ) $ (89.6 ) $ (170.1 ) Change in component 11.7 (4.9 ) — 6.8 Reclassification adjustments into earnings (1) — 6.6 1.9 8.5 Income tax effect — (0.6 ) (0.4 ) (1.0 ) Balance at June 30, 2019 $ (56.8 ) $ (10.9 ) $ (88.1 ) $ (155.8 ) Change in component (33.6 ) 17.7 — (15.9 ) Reclassification adjustments into earnings (1) — (18.8 ) 2.0 (16.8 ) Income tax effect — 0.1 (0.6 ) (0.5 ) Balance at September 30, 2019 $ (90.4 ) $ (11.9 ) $ (86.7 ) $ (189.0 ) ________ (1) See "Note 5 . Fair Value Disclosure " and "Note 6 . Pension and Other Post-Retirement Benefits " for impacts of the reclassification adjustments on the statement of comprehensive income.

Legal Proceedings and Other Con

Legal Proceedings and Other Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings and Other Contingencies	Legal Proceedings and Other Contingencies Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against GATX and certain of our subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved or settled adversely. For a full discussion of our pending legal matters, please refer to the notes included with our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2018 and our Quarterly Reports on Form 10-Q previously filed for the 2019 fiscal year.

Financial Data of Business Segm

Financial Data of Business Segments	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Financial Data of Business Segments	Financial Data of Business Segments The financial data presented below depicts the profitability, financial position, and capital expenditures of each of our business segments. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail market. We report our financial results through four primary business segments: Rail North America, Rail International, Portfolio Management, and American Steamship Company ("ASC") . Rail North America is composed of our operations in the United States, Canada, and Mexico. Rail North America primarily provides railcars pursuant to full-service leases under which it maintains the railcars, pays ad valorem taxes and insurance, and provides other ancillary services. Rail International is composed of our operations in Europe ("GATX Rail Europe" or "GRE"), India ("Rail India"), and Russia ("Rail Russia"). GRE leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-adding services according to customer requirements. Portfolio Management is composed primarily of our ownership in a group of joint ventures with Rolls-Royce plc that lease aircraft spare engines, as well as five liquefied gas carrying vessels (the "Specialized Gas Vessels") and assorted other marine assets. ASC operates the largest fleet of US-flagged vessels on the Great Lakes, providing waterborne transportation of dry bulk commodities such as iron ore, coal, limestone aggregates, and metallurgical limestone. Segment profit is an internal performance measure used by the Chief Executive Officer to assess the profitability of each segment. Segment profit includes all revenues, expenses, pre-tax earnings from affiliates, and net gains on asset dispositions that are directly attributable to each segment. We allocate interest expense to the segments based on what we believe to be the appropriate risk-adjusted borrowing costs for each segment. Segment profit excludes selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. These amounts are included in Other. The following tables show certain segment data for each of our business segments (in millions): Rail International ASC Other GATX Consolidated Three Months Ended September 30, 2019 Revenues Lease revenue $ 214.6 $ 55.6 $ 0.3 $ 1.0 $ — $ 271.5 Marine operating revenue — — 1.9 60.9 — 62.8 Other revenue 23.9 2.4 0.1 — — 26.4 Total Revenues 238.5 58.0 2.3 61.9 — 360.7 Expenses Maintenance expense 64.0 12.2 — 8.2 — 84.4 Marine operating expense — — 3.4 36.3 — 39.7 Depreciation expense 63.9 14.5 1.6 3.6 — 83.6 Operating lease expense 13.7 — — — — 13.7 Other operating expense 6.2 1.4 0.1 — — 7.7 Total Expenses 147.8 28.1 5.1 48.1 — 229.1 Other Income (Expense) Net gain on asset dispositions 4.3 0.3 0.5 — — 5.1 Interest (expense) income, net (33.1 ) (10.2 ) (2.8 ) (1.6 ) 1.4 (46.3 ) Other expense (1.0 ) (0.1 ) — (0.1 ) (0.6 ) (1.8 ) Share of affiliates' pre-tax income — — 15.8 — — 15.8 Segment profit $ 60.9 $ 19.9 $ 10.7 $ 12.1 $ 0.8 $ 104.4 Less: Selling, general and administrative expense 44.4 Income taxes (includes $3.0 related to affiliates' earnings) 14.9 Net income $ 45.1 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 4.4 $ — $ — $ — $ — $ 4.4 Residual sharing income 0.1 — 0.5 — — 0.6 Non-remarketing net gains (1) (0.2 ) 0.3 — — — 0.1 $ 4.3 $ 0.3 $ 0.5 $ — $ — $ 5.1 Capital Expenditures Portfolio investments and capital additions $ 138.1 $ 51.8 $ — $ 0.3 $ 0.9 $ 191.1 Selected Balance Sheet Data at September 30, 2019 Investments in affiliated companies $ 0.2 $ — $ 506.5 $ — $ — $ 506.7 Identifiable assets $ 5,625.5 $ 1,397.2 $ 639.6 $ 319.1 $ 109.5 $ 8,090.9 __________ (1) Includes net gains from scrapping of railcars. Rail North America Rail International ASC Other GATX Consolidated Three Months Ended September 30, 2018 Revenues Lease revenue $ 218.2 $ 52.3 $ 0.3 $ 1.1 $ — $ 271.9 Marine operating revenue — — 3.1 57.7 — 60.8 Other revenue 15.2 1.8 — — — 17.0 Total Revenues 233.4 54.1 3.4 58.8 — 349.7 Expenses Maintenance expense 60.6 10.1 — 6.8 — 77.5 Marine operating expense — — 4.4 35.0 — 39.4 Depreciation expense 62.5 13.8 1.8 3.5 — 81.6 Operating lease expense 11.8 — — — — 11.8 Other operating expense 7.1 1.3 0.1 — — 8.5 Total Expenses 142.0 25.2 6.3 45.3 — 218.8 Other Income (Expense) Net gain on asset dispositions 9.6 0.5 0.2 — — 10.3 Interest (expense) income, net (31.8 ) (8.9 ) (2.6 ) (1.5 ) 2.2 (42.6 ) Other (expense) income (1.2 ) 0.2 — (0.1 ) (2.7 ) (3.8 ) Share of affiliates' pre-tax income 0.2 — 14.3 — — 14.5 Segment profit (loss) $ 68.2 $ 20.7 $ 9.0 $ 11.9 $ (0.5 ) $ 109.3 Less: Selling, general and administrative expense 46.5 Income taxes (includes $2.7 related to affiliates' earnings) 15.8 Net income $ 47.0 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 6.7 $ — $ — $ — $ — $ 6.7 Residual sharing income 0.5 — 0.2 — — 0.7 Non-remarketing net gains (1) 2.4 0.5 — — — 2.9 $ 9.6 $ 0.5 $ 0.2 $ — $ — $ 10.3 Capital Expenditures Portfolio investments and capital additions $ 129.1 $ 40.4 $ — $ — $ 0.2 $ 169.7 Selected Balance Sheet Data at December 31, 2018 Investments in affiliated companies $ 0.2 $ — $ 464.3 $ — $ — $ 464.5 Identifiable assets $ 5,236.6 $ 1,363.2 $ 606.8 $ 297.8 $ 112.3 $ 7,616.7 __________ (1) Includes net gains from scrapping of railcars. Rail International ASC Other GATX Consolidated Nine Months Ended September 30, 2019 Revenues Lease revenue $ 654.3 $ 161.7 $ 0.8 $ 3.1 $ — $ 819.9 Marine operating revenue — — 4.4 132.4 — 136.8 Other revenue 73.7 6.2 0.5 — — 80.4 Total Revenues 728.0 167.9 5.7 135.5 — 1,037.1 Expenses Maintenance expense 199.8 35.5 — 16.0 — 251.3 Marine operating expense — — 12.0 80.8 — 92.8 Depreciation expense 192.6 42.7 4.9 7.1 — 247.3 Operating lease expense 41.1 — — — — 41.1 Other operating expense 19.0 4.2 0.3 — — 23.5 Total Expenses 452.5 82.4 17.2 103.9 — 656.0 Other Income (Expense) Net gain on asset dispositions 44.6 1.2 1.1 — — 46.9 Interest (expense) income, net (101.4 ) (30.2 ) (8.3 ) (4.6 ) 4.6 (139.9 ) Other expense (3.6 ) (0.5 ) — (0.3 ) (1.2 ) (5.6 ) Share of affiliates' pre-tax income — — 53.6 — — 53.6 Segment profit $ 215.1 $ 56.0 $ 34.9 $ 26.7 $ 3.4 $ 336.1 Less: Selling, general and administrative expense 135.6 Income taxes (includes $10.0 related to affiliates' earnings) 45.9 Net income $ 154.6 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 40.9 $ — $ — $ — $ — $ 40.9 Residual sharing income 0.3 — 1.1 — — 1.4 Non-remarketing net gains (1) 3.4 1.2 — — — 4.6 $ 44.6 $ 1.2 $ 1.1 $ — $ — $ 46.9 Capital Expenditures Portfolio investments and capital additions $ 342.4 $ 158.6 $ — $ 18.7 $ 2.8 $ 522.5 __________ (1) Includes net gains from scrapping of railcars. Rail North America Rail International ASC Other GATX Consolidated Nine Months Ended September 30, 2018 Revenues Lease revenue $ 655.3 $ 156.9 $ 0.8 $ 3.1 $ — $ 816.1 Marine operating revenue — — 11.0 119.8 — 130.8 Other revenue 51.1 6.0 0.5 — — 57.6 Total Revenues 706.4 162.9 12.3 122.9 — 1,004.5 Expenses Maintenance expense 192.8 33.8 — 14.1 — 240.7 Marine operating expense — — 12.9 76.6 — 89.5 Depreciation expense 185.8 41.7 5.5 7.1 — 240.1 Operating lease expense 37.5 — — — — 37.5 Other operating expense 21.5 4.3 0.4 — — 26.2 Total Expenses 437.6 79.8 18.8 97.8 — 634.0 Other Income (Expense) Net gain on asset dispositions 68.4 3.2 0.8 0.1 — 72.5 Interest (expense) income, net (93.1 ) (26.5 ) (7.6 ) (4.3 ) 6.8 (124.7 ) Other expense (3.3 ) (7.3 ) — (0.2 ) (4.1 ) (14.9 ) Share of affiliates' pre-tax income 0.5 — 47.6 — — 48.1 Segment profit $ 241.3 $ 52.5 $ 34.3 $ 20.7 $ 2.7 $ 351.5 Less: Selling, general and administrative expense 137.6 Income taxes (includes $9.0 related to affiliates' earnings) 51.8 Net income $ 162.1 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 60.8 $ — $ — $ 0.1 $ — $ 60.9 Residual sharing income 0.9 — 0.8 — — 1.7 Non-remarketing net gains (1) 6.7 3.2 — — — 9.9 $ 68.4 $ 3.2 $ 0.8 $ 0.1 $ — $ 72.5 Capital Expenditures Portfolio investments and capital additions $ 414.7 $ 104.5 $ — $ 15.8 $ 1.7 $ 536.7 __________ (1) Includes net gains from scrapping of railcars.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Components of Lease Income	The following table shows the components of our lease income (in millions): Three Months Ended Nine Months Ended Finance lease income $ 2.2 $ 7.7 Operating lease income: Fixed lease income 254.4 762.2 Variable lease income 14.9 50.0 Total operating lease income 269.3 812.2 Total lease income $ 271.5 $ 819.9
Components of Lease Income	The following table shows the components of our lease income (in millions): Three Months Ended Nine Months Ended Finance lease income $ 2.2 $ 7.7 Operating lease income: Fixed lease income 254.4 762.2 Variable lease income 14.9 50.0 Total operating lease income 269.3 812.2 Total lease income $ 271.5 $ 819.9
Components of Direct Finance Leases	The following table shows the components of our direct finance leases (in millions): September 30, 2019 Total contractual lease payments receivable $ 89.5 Estimated unguaranteed residual value of leased assets 41.0 Unearned income (37.2 ) Finance leases $ 93.3
Components of Lease Expense and Supplemental Cash Flows	The following table shows other information related to leases (in millions): Three Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 18.8 $ 58.8 Operating cash flows for finance leases 0.1 0.3 Financing cash flows for finance leases 10.7 11.3 Total cash from leases $ 29.6 $ 70.4 The following table shows the components of lease expense (in millions): Three Months Ended Nine Months Ended Finance lease cost: Amortization of right-of-use assets $ 0.2 $ 0.6 Interest on lease liabilities 0.1 0.3 Operating lease cost (1): Fixed lease cost - operating leases 15.0 45.4 Total lease cost $ 15.3 $ 46.3 ________ (1) Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.
Lease Terms and Discount Rates	The following table shows the lease terms and discount rates related to leases: September 30, 2019 Weighted-average remaining lease term (years): Operating leases 9.8 Weighted-average discount rate: Operating leases 3.68 %

Leases Lessee, Maturity Table (

Leases Lessee, Maturity Table (Tables)	9 Months Ended
	Sep. 30, 2019
Lessee Leases Future Minimum Payments [Abstract]
Lessee, Leases, Future Minimum Payments [Table Text Block]	September 30, 2019 2019 (1) $ 8.0 2020 67.8 2021 66.3 2022 57.5 2023 54.8 Years thereafter 269.8 Total undiscounted lease payments $ 524.2 Less: amounts representing interest (83.9 ) Total discounted lease liabilities $ 440.3 __________ (1) For the remainder of the year.

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Assets and liabilities at fair value recurring basis	The following tables show our derivative assets and liabilities that are measured at fair value (in millions): Balance Sheet Location Fair Value September 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivative Assets Interest rate contracts (1) Other assets $ 2.4 $ — $ 2.4 $ — Foreign exchange contracts (1) Other assets 10.6 — 10.6 — Foreign exchange contracts (2) Other assets 0.4 — 0.4 — Total derivative assets $ 13.4 $ — $ 13.4 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ 1.8 $ — $ 1.8 $ — Foreign exchange contracts (1) Other liabilities 1.9 — 1.9 — Foreign exchange contracts (2) Other liabilities 3.0 — 3.0 — Total derivative liabilities $ 6.7 $ — $ 6.7 $ — Balance Sheet Location Fair Value December 31, 2018 Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Foreign exchange contracts (1) Other assets $ 4.4 $ — $ 4.4 $ — Foreign exchange contracts (2) Other assets 0.5 — 0.5 — Total derivative assets $ 4.9 $ — $ 4.9 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ 7.7 $ — $ 7.7 $ — Foreign exchange contracts (1) Other liabilities 18.2 — 18.2 — Foreign exchange contracts (2) Other liabilities 4.7 — 4.7 — Total derivative liabilities $ 30.6 $ — $ 30.6 $ — _________ (1) Designated as hedges. (2) Not designated as hedges.
Fair value hedging instruments	The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of September 30, 2019 and December 31, 2018 (in millions). Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included September 30 2019 December 31 2018 September 30 2019 December 31 2018 Recourse debt $ 450.3 $ 493.5 $ 2.2 $ (7.7 ) The following tables show the impacts of our derivative instruments on our statement of comprehensive income for the three months and nine months ended September 30, 2019 and 2018 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended September 30 Three Months Ended September 30 Derivative Designation 2019 2018 2019 2018 Derivatives in cash flow hedging relationships: Interest rate contracts $ 1.6 $ — Interest expense $ 0.5 $ 1.1 Foreign exchange contracts (19.8 ) (2.7 ) Operating lease expense — 0.1 Total $ (18.2 ) $ (2.7 ) Other (income) expense (19.3 ) (2.2 ) Total $ (18.8 ) $ (1.0 )
Cash flow hedging instruments	The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statement of comprehensive income for the three months and nine months ended September 30, 2019 and 2018 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended September 30 Three Months Ended September 30 2019 2018 Interest (expense), net Other income (expense) Interest (expense), net Other income (expense) Operating lease (expense) Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (46.3 ) $ (1.8 ) $ (42.6 ) $ (3.8 ) $ (11.8 ) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (1.3 ) — 1.0 — — Derivatives designated as hedging instruments 1.3 — (1.0 ) — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (0.5 ) — (1.1 ) — — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 19.3 — 2.2 (0.1 ) Gain (loss) on non-designated derivative contracts — 4.0 — (3.0 ) —
Other financial instruments	The following table shows the carrying amounts and fair values of our other financial instruments (in millions): September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Recourse fixed rate debt $ 4,193.5 $ 4,468.9 $ 3,933.4 $ 3,836.0 Recourse floating rate debt 414.2 415.0 522.7 515.1

Pension and Other Post-Retire_2

Pension and Other Post-Retirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Components of pension and other post retirement benefit costs	The following table shows the components of our pension and other post-retirement benefits expense for the three months ended September 30, 2019 and 2018 (in millions): 2019 Pension Benefits 2018 Pension Benefits 2019 Retiree Health and Life 2018 Service cost $ 1.7 $ 2.0 $ — $ 0.1 Interest cost 3.8 3.7 0.2 0.2 Expected return on plan assets (5.6 ) (5.6 ) — — Settlement expense — 2.1 — — Amortization of (1): Unrecognized prior service credit — — — (0.1 ) Unrecognized net actuarial loss 2.0 2.5 — — Net periodic cost $ 1.9 $ 4.7 $ 0.2 $ 0.2 The following table shows the components of our pension and other post-retirement benefits expense for the nine months ended September 30, 2019 and 2018 (in millions): 2019 Pension Benefits 2018 Pension Benefits 2019 Retiree Health and Life 2018 Service cost $ 4.9 $ 6.1 $ 0.1 $ 0.2 Interest cost 11.4 11.1 0.7 0.7 Expected return on plan assets (16.6 ) (16.7 ) — — Settlement expense — 2.1 — — Amortization of (1): Unrecognized prior service credit — — (0.1 ) (0.2 ) Unrecognized net actuarial loss (gain) 6.0 7.6 (0.1 ) — Net periodic cost $ 5.7 $ 10.2 $ 0.6 $ 0.7 ________ (1) Amounts reclassified from accumulated other comprehensive loss.

Commercial Commitments (Tables)

Commercial Commitments (Tables)	9 Months Ended
	Sep. 30, 2019
Guarantees [Abstract]
Commercial Commitments	The following table shows our commercial commitments (in millions): September 30 2019 December 31 2018 Lease payment guarantees $ — $ 2.0 Standby letters of credit and performance bonds 11.8 9.5 Total commercial commitments (1) $ 11.8 $ 11.5 _______ (1) The carrying value of liabilities on the balance sheet for commercial commitments was $0.4 million at September 30, 2019 and $0.9 million at December 31, 2018 . The expirations of these commitments range from 2022 to 2023 . We are not aware of any event that would require us to satisfy any of our commitments.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Computation of basic and diluted net income per common share	The following table shows the computation of our basic and diluted net income per common share (in millions, except per share amounts): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator: Net income $ 45.1 $ 47.0 $ 154.6 $ 162.1 Denominator: Weighted-average shares outstanding - basic 35.4 37.7 35.9 37.8 Effect of dilutive securities: Equity compensation plans 0.6 0.8 0.7 0.7 Weighted-average shares outstanding - diluted 36.0 38.5 36.6 38.5 Basic earnings per share $ 1.28 $ 1.25 $ 4.30 $ 4.29 Diluted earnings per share $ 1.25 $ 1.22 $ 4.22 $ 4.21

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Accumulated other comprehensive income (loss)	The following table shows the change in components for accumulated other comprehensive loss (in millions): Foreign Currency Translation Gain (Loss) Unrealized Loss on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 2018 $ (58.0 ) $ (14.0 ) $ (92.6 ) $ (164.6 ) Change in component (10.5 ) 12.9 — 2.4 Reclassification adjustments into earnings (1) — (10.2 ) 1.9 (8.3 ) Income tax effect — (0.7 ) 1.1 0.4 Balance at March 31, 2019 $ (68.5 ) $ (12.0 ) $ (89.6 ) $ (170.1 ) Change in component 11.7 (4.9 ) — 6.8 Reclassification adjustments into earnings (1) — 6.6 1.9 8.5 Income tax effect — (0.6 ) (0.4 ) (1.0 ) Balance at June 30, 2019 $ (56.8 ) $ (10.9 ) $ (88.1 ) $ (155.8 ) Change in component (33.6 ) 17.7 — (15.9 ) Reclassification adjustments into earnings (1) — (18.8 ) 2.0 (16.8 ) Income tax effect — 0.1 (0.6 ) (0.5 ) Balance at September 30, 2019 $ (90.4 ) $ (11.9 ) $ (86.7 ) $ (189.0 ) ________ (1) See "Note 5 . Fair Value Disclosure " and "Note 6 . Pension and Other Post-Retirement Benefits " for impacts of the reclassification adjustments on the statement of comprehensive income.

Description of Business (Detail

Description of Business (Details)	9 Months Ended
	Sep. 30, 2019Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	4

Basis of Presentation Pension a

Basis of Presentation Pension and Post-Retirement Benefits (Details) - USD ($) $ in Millions	Jan. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets		$ 430.1		$ 430.1			$ 16.8
Lease liability		440.3		440.3			$ 11.3
Reclassification out of Accumulated Other Comprehensive Income [Domain]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		$ 0	$ 0	$ 0	$ 19.4
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets	$ 460.7
Lease liability	483.6
Deferred gain recognized	$ 39.4
Forecast [Member] | Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred gain recognized						$ 4

Leases - Components of Lease I

Leases - Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Sublease Income	$ 17.2		$ 53
Finance lease income	2.2		7.7
Operating lease income:
Variable lease income	254.4		762.2
Operating Lease, Variable Lease Income	14.9		50
Operating Lease, Lease Income	269.3		812.2
Total operating lease income	22.3		66.6
Total lease income	$ 271.5	$ 271.9	$ 819.9	$ 816.1

Leases - Components of Direct F

Leases - Components of Direct Finance Leases (Details) $ in Millions	Sep. 30, 2019USD ($)
Leases [Abstract]
Total contractual lease payments receivable	$ 89.5
Estimated unguaranteed residual value of leased assets	41
Unearned income	(37.2)
Finance leases	$ 93.3

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 30, 2019railcar
Leases [Abstract]
Number of railcars leased	8,300

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Finance lease cost:
Amortization of right-of-use assets	$ 0.2	$ 0.6
Interest on lease liabilities	0.1	0.3
Operating lease cost:
Fixed lease cost - operating leases	15	45.4
Total lease cost	15.3	46.3
Sublease Income	$ 17.2	$ 53

Leases - Maturities of Lease L

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Maturities of lease liabilities [Line Items]
Lessee, Operating Lease, Discount Rate	$ (83.9)	$ (83.9)
Sublease Income	17.2	53
Operating Leases
Total discounted lease liabilities	440.3	440.3	$ 0
Finance Leases
Total discounted lease liabilities	0	0	11.3
Total
Total discounted lease liabilities	440.3	440.3	$ 11.3
Recourse Operating Leases [Member]
Maturities of lease liabilities [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	8	8
Operating Leases, Future Minimum Payments, Due in Two Years	67.8	67.8
Operating Leases, Future Minimum Payments, Due in Three Years	66.3	66.3
Operating Leases, Future Minimum Payments, Due in Four Years	57.5	57.5
Operating Leases, Future Minimum Payments, Due in Five Years	54.8	54.8
Operating Leases, Future Minimum Payments, Due Thereafter	269.8	269.8
Operating Leases, Future Minimum Payments Due	$ 524.2	$ 524.2

Leases - Lease Terms and Disco

Leases - Lease Terms and Discount Rates (Details)	Sep. 30, 2019
Weighted-average remaining lease term (years):
Operating leases	9 years 9 months 18 days
Weighted-average discount rate:
Operating leases	3.68%

Leases - Other Information Rela

Leases - Other Information Related to Leases (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Number of railcars received		157
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 18,800,000	$ 58,800,000
Operating cash flows for finance leases	100,000	300,000
Financing cash flows for finance leases	10,700,000	11,300,000
Total cash from leases	$ 29,600,000	$ 70,400,000

Fair Value Disclosure - Narrati

Fair Value Disclosure - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)Instrument	Dec. 31, 2018USD ($)Instrument
Derivative [Line Items]
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months	$ 1.8
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months, net of tax	$ 1.3
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Number of derivative instruments | Instrument	8	9
Derivative liability	$ 450	$ 500
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Number of derivative instruments | Instrument	12	8
Derivative liability	$ 523.5	$ 501.9
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Derivative liability	$ 3.7

Fair Value Disclosure Fair Valu

Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 13.4	$ 4.9
Derivative liability	6.7	30.6
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	13.4	4.9
Derivative liability	6.7	30.6
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	10.6	4.4
Derivative liability	1.9	18.2
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	10.6	4.4
Derivative liability	1.9	18.2
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	2.4
Derivative liability	1.8	7.7
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0
Derivative liability	0	0
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	2.4
Derivative liability	1.8	7.7
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0
Derivative liability	0	0
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.4	0.5
Derivative liability	3	4.7
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.4	0.5
Derivative liability	3	4.7
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	$ 0
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 3.7

Fair Value Disclosure Fair Va_2

Fair Value Disclosure Fair Value Disclosure - Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments (Details) - Recourse Debt [Member] - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ 450.3	$ 493.5
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ 2.2	$ (7.7)

Fair Value Disclosure Fair Va_3

Fair Value Disclosure Fair Value Disclosure - Impacts of Derivative Instrument on Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense	$ (46.3)	$ (42.6)	$ (139.9)	$ (124.7)
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	(18.8)	(1)	(22.4)	(6.9)
Other Nonoperating Income (Expense)	(1.8)	(3.8)	(5.6)	(14.9)
Operating Lease, Expense		(11.8)		(37.5)
Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Recognized in Other Comprehensive Income	1.6	0	1.6	0
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Recognized in Other Comprehensive Income	(18.2)	(2.7)	(26.9)	(8.4)
Interest Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	0.5	1.1	2	3.3
Gain (loss) on non-designated derivative contracts	0	0	0	0
Interest Expense [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged items	(1.3)	1	(9.8)	8.6
Derivatives designated as hedging instruments	1.3	(1)	9.8	(8.6)
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	(0.5)	(1.1)	(2)	(3.3)
Interest Expense [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	0	0	0	0
Other (Income) Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	(19.3)	(2.2)	(24.4)	(10.3)
Gain (loss) on non-designated derivative contracts	4	(3)	1.3	2.7
Other (Income) Expense [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged items	0	0	0	0
Derivatives designated as hedging instruments	0	0	0	0
Other (Income) Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	0	0	0	0
Other (Income) Expense [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	$ 19.3	2.2	$ 24.4	10.3
Operating Expense [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income		$ (0.1)		$ (0.1)

Fair Value Disclosure Fair Va_4

Fair Value Disclosure Fair Value Disclosure - Impact of Cash Flow and Hedge Accounting Relationships (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense, net	$ (46.3)	$ (42.6)	$ (139.9)	$ (124.7)
Other (expense) income	(1.8)	(3.8)	(5.6)	(14.9)
Operating Lease, Expense		11.8		37.5
Interest Expense [Member]
Gain (loss) on fair value hedging relationships
Gain (loss) on non-designated derivative contracts	0	0	0	0
Interest Expense [Member] | Interest Rate Contract [Member]
Gain (loss) on fair value hedging relationships
Hedged items	(1.3)	1	(9.8)	8.6
Derivatives designated as hedging instruments	1.3	(1)	9.8	(8.6)
Interest Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Gain (loss) on fair value hedging relationships
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	(0.5)	(1.1)	(2)	(3.3)
Interest Expense [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]
Gain (loss) on fair value hedging relationships
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	0	0	0	0
Other (Income) Expense [Member]
Gain (loss) on fair value hedging relationships
Gain (loss) on non-designated derivative contracts	4	(3)	1.3	2.7
Other (Income) Expense [Member] | Interest Rate Contract [Member]
Gain (loss) on fair value hedging relationships
Hedged items	0	0	0	0
Derivatives designated as hedging instruments	0	0	0	0
Other (Income) Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Gain (loss) on fair value hedging relationships
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	0	0	0	0
Other (Income) Expense [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]
Gain (loss) on fair value hedging relationships
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	$ 19.3	2.2	$ 24.4	10.3
Operating Expense [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]
Gain (loss) on fair value hedging relationships
Amount of gain (loss) reclassified from accumulated other comprehensive income into income		$ (0.1)		$ (0.1)

Fair Value Disclosure Fair Va_5

Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse Fixed Rate Debt Fair Value Disclosure	$ 4,193.5	$ 3,933.4
Recourse Floating Rate Debt Fair Value Disclosure	414.2	522.7
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse Fixed Rate Debt Fair Value Disclosure	4,468.9	3,836
Recourse Floating Rate Debt Fair Value Disclosure	$ 415	$ 515.1

Pension and Other Post Retireme

Pension and Other Post Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	$ 2	$ 1.9	$ 1.9
Defined Benefit Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	1.9			$ 4.7	$ 5.7	$ 10.2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	0			(2.1)	0	(2.1)
Defined Benefit Plan, Service Cost	$ 1.7			$ 2	$ 4.9	$ 6.1

Pension and Other Post-Retire_3

Pension and Other Post-Retirement Benefits - Pension Obligations, Plan Assets, and Other Post-retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accumulative other comprehensive loss:
After-tax amount recognized in accumulated other comprehensive loss	$ 86.7		$ 86.7		$ 88.1	$ 89.6	$ 92.6
Defined Benefit Pension [Member]
Change in Benefit Obligation
Service cost	1.7	$ 2	4.9	$ 6.1
Interest cost	3.8	3.7	11.4	11.1
Accumulative other comprehensive loss:
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(5.6)	(5.6)	(16.6)	(16.7)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0	0	0
Defined Benefit Plan, Amortization of Gain (Loss)	2	2.5	6	7.6
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	1.9	4.7	5.7	10.2
Retiree Health and Life [Member]
Change in Benefit Obligation
Service cost	0	0.1	0.1	0.2
Interest cost	0.2	0.2	0.7	0.7
Accumulative other comprehensive loss:
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	0	0	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	(0.1)	(0.1)	(0.2)
Defined Benefit Plan, Amortization of Gain (Loss)	0	0	(0.1)	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 0.2	$ 0.2	$ 0.6	$ 0.7

Pension and Other Post-Retire_4

Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Pension [Member]
Components of pension and other post retirement benefit costs
Service cost	$ 1.7	$ 2	$ 4.9	$ 6.1
Interest cost	3.8	3.7	11.4	11.1
Expected return on plan assets	(5.6)	(5.6)	(16.6)	(16.7)
Amortization of unrecognized prior service credit	0	0	0	0
Unrecognized net actuarial loss (gain)	2	2.5	6	7.6
Net periodic (benefit) cost	1.9	4.7	5.7	10.2
Retiree Health and Life [Member]
Components of pension and other post retirement benefit costs
Service cost	0	0.1	0.1	0.2
Interest cost	0.2	0.2	0.7	0.7
Expected return on plan assets	0	0	0	0
Amortization of unrecognized prior service credit	0	(0.1)	(0.1)	(0.2)
Unrecognized net actuarial loss (gain)	0	0	(0.1)	0
Net periodic (benefit) cost	$ 0.2	$ 0.2	$ 0.6	$ 0.7

Share Based Compensation - Weig

Share Based Compensation - Weighted Average and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 4.1	$ 5.7	$ 13.7	$ 15.4
Tax benefit from share-based compensation expense	$ 1	$ 1.4	$ 3.4	$ 3.9
Weighted average estimated fair value	$ 22.24		$ 22.24
Quarterly dividend rate			$ 0.46
Expected term of stock options and stock appreciation rights, in years			4 years 2 months 12 days
Risk-free interest rate			2.50%
Dividend yield			2.60%
Expected stock price volatility			28.90%
Present value of dividends			$ 7.29

Share Based Compensation (Detai

Share Based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4.1	$ 5.7	$ 13.7	$ 15.4
Tax benefit from share-based compensation expense	$ 1	$ 1.4	3.4	3.9
Payments for Repurchase of Common Stock			$ 129	$ 37.4
Stock Option SAR Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			326,900
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			42,960
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			58,340
Phantom Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			17,183

Income Taxes (Details Textual)

Income Taxes (Details Textual)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	24.00%	26.00%

Commercial Commitments (Details

Commercial Commitments (Details) - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Guarantor Obligations [Line Items]
Guarantor Obligations, Current Carrying Value		$ 0.4	$ 0.9
Total commercial commitments	[1]	11.8	11.5
Lease payment guarantees [Member]
Guarantor Obligations [Line Items]
Total commercial commitments		0	2
Standby letters of credit [Member]
Guarantor Obligations [Line Items]
Total commercial commitments		$ 11.8	$ 9.5
[1]	(1) The carrying value of liabilities on the balance sheet for commercial commitments was $0.4 million at September 30, 2019 and $0.9 million at December 31, 2018 . The expirations of these commitments range from 2022 to 2023 . We are not aware of any event that would require us to satisfy any of our commitments.

Commercial Commitments (Detai_2

Commercial Commitments (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Guarantees [Abstract]
Amount of liability included in recorded value of the company's commitment	$ 0.4	$ 0.9
Expiration of commitment range	2022 to 2023

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income	$ 45.1	$ 47	$ 154.6	$ 162.1
Denominator:
Denominator for basic earnings per share — weighted average shares	35.4	37.7	35.9	37.8
Effect of dilutive securities:
Equity compensation plans	0.6	0.8	0.7	0.7
Denominator for diluted earnings per share — adjusted weighted average and assumed conversion	36	38.5	36.6	38.5
Basic earnings per share (in dollars per share)	$ 1.28	$ 1.25	$ 4.30	$ 4.29
Diluted earnings per share (in dollars per share)	$ 1.25	$ 1.22	$ 4.22	$ 4.21

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance, Foreign Currency Translation Gain (Loss)	$ (56.8)	$ (68.5)	$ (58)		$ (58)
Change in Foreign Currency Translation Gain (Loss)	(33.6)	11.7	(10.5)
Foreign currency translation gain loss before reclassification adjustment into earnings	0	0	0
Foreign Currency Translation Gain (Loss), Income tax effect	0	0	0
Ending Balance, Foreign Currency Translation Gain (Loss)	(90.4)	(56.8)	(68.5)		(90.4)
Change in Unrealized Loss on Derivative Instruments	17.7	(4.9)	12.9
Unrealized Loss on Derivative Instruments, Reclassification adjustments into earnings	(18.8)	6.6	(10.2)
Unrealized Loss on Derivative Instruments, Income tax effect	0.1	(0.6)	(0.7)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	(11.9)	(10.9)	(12)		(11.9)		$ (14)
Beginning Balance, Post-Retirement Benefit Plans	(88.1)	(89.6)	(92.6)		(92.6)
Change in Post-Retirement Benefit Plans	0	0	0
Post-Retirement Benefit Plans, Reclassification adjustments into earnings	2	1.9	1.9
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, before Tax	(16.8)	8.5	(8.3)
Post-Retirement Benefit Plans, Income tax effect	(0.6)	(0.4)	1.1
Ending Balance, Post-Retirement Benefit Plans	(86.7)	(88.1)	(89.6)		(86.7)
Other Comprehensive Income Change in Component	(15.9)	6.8	2.4
Income tax effect, Total	(0.5)	(1)	0.4
Accumulated other comprehensive income (loss), net of tax	(189)	$ (155.8)	$ (170.1)		(189)		$ (164.6)
Reclassification out of Accumulated Other Comprehensive Income [Domain]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 0			$ 0	$ 0	$ (19.4)

Financial Data of Business Se_2

Financial Data of Business Segments (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Segment	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Provision for Income Taxes, Equity Method Investment		$ 2.7		$ 9
Number of business segments | Segment			4
Profitability
Lease revenue	$ 271.5	271.9	$ 819.9	816.1
Other revenue	26.4	17	80.4	57.6
Total Revenues	360.7	349.7	1,037.1	1,004.5
Maintenance expense	84.4	77.5	251.3	240.7
Marine operating expense	39.7	39.4	92.8	89.5
Depreciation	83.6	81.6	247.3	240.1
Operating lease expense	13.7	11.8	41.1	37.5
Other operating expense	7.7	8.5	23.5	26.2
Total Expenses	229.1	218.8	656	634
Net gain on asset dispositions	5.1	10.3	46.9	72.5
Interest expense, net	(46.3)	(42.6)	(139.9)	(124.7)
Other (expense) income	(1.8)	(3.8)	(5.6)	(14.9)
Share of affiliates' earnings (pre-tax)	15.8	14.5	53.6	48.1
Segment profit (loss)	104.4	109.3	336.1	351.5
SG&A	44.4	46.5	135.6	137.6
Income tax benefit	11.9	13.1	35.9	42.8
Net Income	45.1	47	154.6	162.1
Disposition Gains on Owned Assets	4.4	6.7	40.9	60.9
Nonoperating Income, Residual Sharing Income	0.6	0.7	1.4	1.7
Nonremarketing Disposition Gain (Loss)	0.1	2.9	4.6	9.9
Selected Balance Sheet Data
Investments in affiliated companies	506.7		506.7		$ 464.5
Identifiable assets	8,090.9		8,090.9		7,616.7
Capital Expenditures
Portfolio investments and capital additions	(191.1)	(169.7)	(522.5)	(536.7)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	62.8	60.8	136.8	130.8
Rail North America [Member]
Profitability
Lease revenue	214.6	218.2	654.3	655.3
Other revenue	23.9	15.2	73.7	51.1
Total Revenues	238.5	233.4	728	706.4
Maintenance expense	64	60.6	199.8	192.8
Marine operating expense	0	0	0	0
Depreciation	63.9	62.5	192.6	185.8
Operating lease expense	13.7	11.8	41.1	37.5
Other operating expense	6.2	7.1	19	21.5
Total Expenses	147.8	142	452.5	437.6
Net gain on asset dispositions	4.3	9.6	44.6	68.4
Interest expense, net	(33.1)	31.8	(101.4)	(93.1)
Other (expense) income	(1)	(1.2)	(3.6)	(3.3)
Share of affiliates' earnings (pre-tax)	0	0.2	0	0.5
Segment profit (loss)	60.9	68.2	215.1	241.3
Disposition Gains on Owned Assets	4.4	6.7	40.9	60.8
Nonoperating Income, Residual Sharing Income	0.1	0.5	0.3	0.9
Nonremarketing Disposition Gain (Loss)	(0.2)	2.4	3.4	6.7
Selected Balance Sheet Data
Investments in affiliated companies	0.2		0.2		0.2
Identifiable assets	5,625.5		5,625.5		5,236.6
Capital Expenditures
Portfolio investments and capital additions	(138.1)	(129.1)	(342.4)	(414.7)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	0	0	0	0
Rail International [Member]
Profitability
Lease revenue	55.6	52.3	161.7	156.9
Other revenue	2.4	1.8	6.2	6
Total Revenues	58	54.1	167.9	162.9
Maintenance expense	12.2	10.1	35.5	33.8
Marine operating expense	0	0	0	0
Depreciation	14.5	13.8	42.7	41.7
Operating lease expense	0	0	0	0
Other operating expense	1.4	1.3	4.2	4.3
Total Expenses	28.1	25.2	82.4	79.8
Net gain on asset dispositions	0.3	0.5	1.2	3.2
Interest expense, net	(10.2)	(8.9)	(30.2)	(26.5)
Other (expense) income	(0.1)	0.2	(0.5)	(7.3)
Share of affiliates' earnings (pre-tax)	0	0	0	0
Segment profit (loss)	19.9	20.7	56	52.5
Disposition Gains on Owned Assets	0	0	0	0
Nonoperating Income, Residual Sharing Income	0	0	0	0
Nonremarketing Disposition Gain (Loss)	0.3	0.5	1.2	3.2
Selected Balance Sheet Data
Investments in affiliated companies	0		0		0
Identifiable assets	1,397.2		1,397.2		1,363.2
Capital Expenditures
Portfolio investments and capital additions	(51.8)	(40.4)	(158.6)	(104.5)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	0	0	0	0
ASC [Member]
Profitability
Lease revenue	1	1.1	3.1	3.1
Other revenue	0	0	0	0
Total Revenues	61.9	58.8	135.5	122.9
Maintenance expense	8.2	6.8	16	14.1
Marine operating expense	36.3	35	80.8	76.6
Depreciation	3.6	3.5	7.1	7.1
Operating lease expense	0	0	0	0
Other operating expense	0	0	0	0
Total Expenses	48.1	45.3	103.9	97.8
Net gain on asset dispositions	0	0	0	0.1
Interest expense, net	(1.6)	1.5	(4.6)	(4.3)
Other (expense) income	(0.1)	(0.1)	(0.3)	(0.2)
Share of affiliates' earnings (pre-tax)	0	0	0	0
Segment profit (loss)	12.1	11.9	26.7	20.7
Disposition Gains on Owned Assets	0	0	0	0.1
Nonoperating Income, Residual Sharing Income	0	0	0	0
Nonremarketing Disposition Gain (Loss)	0	0	0	0
Selected Balance Sheet Data
Investments in affiliated companies	0		0		0
Identifiable assets	319.1		319.1		297.8
Capital Expenditures
Portfolio investments and capital additions	(0.3)	0	(18.7)	(15.8)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	60.9	57.7	132.4	119.8
Portfolio Management [Member]
Profitability
Lease revenue	0.3	0.3	0.8	0.8
Other revenue	0.1	0	0.5	0.5
Total Revenues	2.3	3.4	5.7	12.3
Maintenance expense	0	0	0	0
Marine operating expense	3.4	4.4	12	12.9
Depreciation	1.6	1.8	4.9	5.5
Operating lease expense	0	0	0	0
Other operating expense	0.1	0.1	0.3	0.4
Total Expenses	5.1	6.3	17.2	18.8
Net gain on asset dispositions	0.5	0.2	1.1	0.8
Interest expense, net	(2.8)	2.6	(8.3)	(7.6)
Other (expense) income	0	0	0	0
Share of affiliates' earnings (pre-tax)	15.8	14.3	53.6	47.6
Segment profit (loss)	10.7	9	34.9	34.3
Disposition Gains on Owned Assets	0	0	0	0
Nonoperating Income, Residual Sharing Income	0.5	0.2	1.1	0.8
Nonremarketing Disposition Gain (Loss)	0	0	0	0
Selected Balance Sheet Data
Investments in affiliated companies	506.5		506.5		464.3
Identifiable assets	639.6		639.6		606.8
Capital Expenditures
Portfolio investments and capital additions	0	0	0	0
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	1.9	3.1	4.4	11
Other [Member]
Profitability
Lease revenue	0	0	0	0
Other revenue	0	0	0	0
Total Revenues	0	0	0	0
Maintenance expense	0	0	0	0
Marine operating expense	0	0	0	0
Depreciation	0	0	0	0
Operating lease expense	0	0	0	0
Other operating expense	0	0	0	0
Total Expenses	0	0	0	0
Net gain on asset dispositions	0	0	0	0
Interest expense, net	1.4	(2.2)	4.6	6.8
Other (expense) income	(0.6)	(2.7)	(1.2)	(4.1)
Share of affiliates' earnings (pre-tax)	0	0	0	0
Segment profit (loss)	0.8	(0.5)	3.4	2.7
Disposition Gains on Owned Assets	0	0	0	0
Nonoperating Income, Residual Sharing Income	0	0	0	0
Nonremarketing Disposition Gain (Loss)	0	0	0	0
Selected Balance Sheet Data
Investments in affiliated companies	0		0		0
Identifiable assets	109.5		109.5		$ 112.3
Capital Expenditures
Portfolio investments and capital additions	(0.9)	(0.2)	(2.8)	(1.7)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	0	0	0	0
Parent [Member]
Profitability
Income tax benefit	$ 14.9	$ 15.8	$ 45.9	$ 51.8

Uncategorized Items - gatx20190

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 106,700,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 299,700,000